Earnings per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings per Share

Note 12 – Earnings per Share

The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. At June 30, 2024, potentially dilutive securities consisted of shares of non-vested restricted stock. There were no shares of unvested restricted stock at June 30, 2025.

All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS.

(in thousands except per share amounts)	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Numerator - Basic and Diluted
Net loss	$	(28,506	)	$	(101,227	)	$	(50,708	)	$	(120,212	)
Preferred dividends		(1,225	)		(1,225	)		(2,450	)		(2,450	)
Net loss attributable to common shareholders - Basic and     Diluted	$	(29,731	)	$	(102,452	)	$	(53,158	)	$	(122,662	)
Denominator - Basic and Diluted
Weighted-average Class A common shares outstanding		56,324			56,268			56,304			56,242
Weighted-average Class A common shares    outstanding - Basic		56,324			56,268			56,304			56,242
Weighted-average Class A common shares    outstanding - Diluted		56,324			56,268			56,304			56,242
Loss per share attributable to Class A    common shareholders - Basic	$	(0.53	)	$	(1.82	)	$	(0.94	)	$	(2.18	)
Loss per share attributable to Class A    common shareholders - Diluted	$	(0.53	)	$	(1.82	)	$	(0.94	)	$	(2.18	)

No adjustments were made to the numerator for the three and six months ended June 30, 2025 and 2024, respectively, because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses.

No adjustments were made to the denominator for the three and six months ended June 30, 2024, respectively, because the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect. No adjustments were made to the denominator for the three and six months ended June 30, 2025 as there were no outstanding non-vested restricted shares.

There were no non-vested restricted share outstanding at June 30, 2025. At December 31, 2024, there were 87,899 shares of non-vested restricted shares outstanding.